FX.co ★ Copper Holds Steady as Codelco to Restart Operations

Copper futures were steady at approximately $4.46 per pound on Monday, after Codelco received approval from Chile’s labor inspectorate to gradually restart specific operations at its principal El Teniente mine. The state-owned company had halted activities for over a week due to a fatal incident resulting in the loss of six workers, which subsequently impacted global supply. El Teniente holds the distinction of being the largest underground copper mine worldwide. Nevertheless, copper prices continue to hover near their four-month lows, having dropped over 20% since late July. This decline transpired after President Donald Trump omitted refined copper from recently announced tariffs. These tariffs are set to target imports of semi-finished copper products, such as wires and pipes, while excluding ore, cathodes, and concentrates—some of the most prevalent forms of copper imported into the United States.